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Changing GTA Resale Housing Market Reflects Economic Times6 j; V, V3 Y4 \- n' s0 A) t
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TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market! [' ?6 U" H, c0 c# t, {8 ~4 V
moderated considerably during the first half of October with 2,700 homes changing hands,
) F2 T: ~2 N1 i5 XToronto Real Estate Board President Maureen O’Neill announced today.
7 t& ^# m# j$ e5 d- g" W+ q/ tSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
4 o# f" U6 }% B/ G0 Z( C v5 Fwhen 3,297 transactions were recorded and are down 10 per cent compared to the same period, v. _" y; {3 q
in 2006 when 3,007 sales took place.% c/ z: d0 h, H/ ], `
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
# W7 J5 B4 _2 ]6 ]per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
7 w: l( T) O0 ucent decrease from the 1,312 transactions recorded in the first half of October 2006.1 W; o% _+ _$ U3 a1 Z
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
& ]! g/ \/ q2 Xdecrease from the 1,851 transactions that took place during the same timeframe in 2007 and
; P# s! ]# T5 V8 B* ]% S' }down eight per cent from the 1,695 homes sold during the first half of October 2006.
; @* a* v% H1 iHouse prices declined throughout the GTA during the first half of the month. The average price S2 @5 ~! }$ S' M4 n
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
% V6 O& i7 X# R- L9 V0 ]. k8 fperiod in 2007.
3 D l( `, P/ yIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the
- O* |4 I6 B5 N( S! M$ x$441,878 average recorded at mid-October 2007.0 @$ B) L! n h; b
In the 905 Region the average price of a home is currently $337,671. This represents an eight
7 M! V( v% `9 s/ ^0 c! I& s! Bper cent decline from the $365,527 average recorded during the first half of October 2007.) M1 ]' q5 E# Y% p. N
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent/ q/ q3 U0 R% H7 f* o3 V
more available stock from which to choose as compared to a year ago when 21,182 homes were' s% H$ [3 D5 _* R3 c) v9 O9 _# |
listed.( @+ C; h- U3 S0 ^3 g1 a j
“More choice can mean slightly longer wait times for sellers whose homes are now on average,
+ O% Y7 ]: ^( F0 t& J# b% Yselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
2 m' ^8 a6 w; ]2 ]" t( f$ o4 S0 Slist to sales ratio is 97 per cent of the list price.” |
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